DeFi (Decentralized Finance) is evolving at a fast pace. People have begun to appreciate the numerous advantages of DeFi wallet app, like transparency, availability, autonomy, and removal of intermediaries.
The primary bridge between DeFi platforms and users is DeFi wallets, which deliver an entirely new and enhanced user experience for their owners.
Envision that you deliver open choice to every financial service they use today, like savings, trading, insurance, loans, etc., by simply tapping on their smartphone. You could explore a new revenue stream for your business.
According to Emergen Research, the worldwide decentralized finance (DeFi) market size will reach $507.92 billion in 2028.
This blog will discuss how to create a DeFi wallet and succeed in the financial world.
Let’s dive in.
Essential Steps to Create a DeFi Wallet App
1. Discovery Phase
The discovery phase is for defining the project’s objectives, its target audience, risks, etc. During the discovery phase, the DeFi development company will assist you in making a checklist of features and drawing up project needs. This stage in the development cycle also enables selecting the scope of work and the type of wallet (desktop, mobile, web) that best fits the project’s goals.
2. Designing the Architecture
In this step, you should select your DeFi wallet position, such as in-house, cloud, or hybrid. After that, you must choose an ideal solution in terms of access like a public blockchain, private blockchain, hybrid blockchain, etc., depending on your business. If you plan to have various features in your wallet, a private blockchain may be a solution to create a decentralized wallet.
3. UI/UX Design
UI/UX is not only about building the look and feel of your DeFi wallet. This phase includes the analysis of user behavior so that the logic of the app interface fulfills their expectations and requirements. If you choose professional blockchain developers, they can help streamline and speed up the development process. Therefore, selecting a company that delivers a full range of DeFi wallet development services is crucial.
4. Choose a Dedicated App Development Company
After gathering information, creating the architecture, and designing, we move to the technical implementation of your project. To do this, DeFi wallet developers require selecting the technology stack that best suits the planned business objectives. The app development company will mainly focus on programming languages, libraries, frameworks, databases, and other development tools in this phase.
DeFi wallet development needs a functional and 100% safe app that users can trust with their funds. Thus, it is essential to work with the best blockchain development company that understands all the features of integrating smart contracts, creating algorithms, and providing robust system security.
5. Testing and Deploying the Wallet
Immutability is a significant feature of blockchain technology. Therefore, before deploying the wallet, I suggest selecting the MVP model for your wallet at the initial phase. When all the crucial problems are solved, you can scale the wallet and even incorporate it with other technologies, like AI, Big Data, IoT, etc.
DeFi wallets are a vital alternative to conventional banking and centralized finance. DeFi wallets play an essential role in the success of the entire DeFi ecosystem. If you are planning to create a wallet for DeFi, you can read a comprehensive DeFi app development guide for more information. Furthermore, a reliable Blockchain development company can provide robust features such as multi-layer security, QR code scanner, multi-signature support, etc.